(qlmbusinessnews.com via telegraph.co.uk – – Wed, 9 Aug, 2016) London, Uk – –
Worldpay, Britain’s largest payments processor, has finally agreed the terms for a tie-up with US rival Vantiv that was revealed more than a month ago.
Vantiv’s takeover offer of £9.3bn has been accepted by Worldpay after the British company was granted a last-minute extension to talks earlier this week.
The companies said the deal created a combined group worth more than £22bn, with Worldpay shareholders owning 43pc.
The combined company, which will keep the Worldpay name, will have its global headquarters in Cincinnati and its international headquarters in London.
“The growth of eCommerce and the way consumers expect to transact is increasing complexity for businesses around the world,” said Worldpay chief executive Philip Jansen.
“Our unique combination of scale, innovation, technology and global presence will mean that we can offer more payment solutions to businesses.”
The announcement comes as Worldpay released its half-year results showing an 18pc growth in first-half revenues and a 9pc jump in underlying pre-tax profits.
Total revenues climbed to £2.5bn in the six months to the end of June, from £2.1bn in the same period of 2016.
On a statutory level, pre-tax profits fell from £167m to £129m.
“We delivered a strong first-half performance, further extending our long-term track record of substantial growth,” said Mr Jansen.
“This performance has been achieved through our relentless focus on meeting the changing needs of our customers in an increasingly global and dynamic payments market.”
By Sam Dean